November 24, 2015 1,958 Views Print This Post Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Kroll Bond Ratings Agency Single-Family Rental Securitizations 2015-11-24 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Share Save SFR Securitizations Appreciating in Value Previous: What is the Cost of Delaying the Foreclosure Process? Next: CFPB Receiving Fewer Mortgage-Related Complaints on Ocwen About Author: Brian Honea While the single-borrower single-family rental (SFR) securitizations in Kroll Bond Ratings Agency’s rated universe has seasoned only 10 months on the average, the properties that have securitized are appreciating in value, according to KBRA’s Single-Borrower SFR Comprehensive Monitoring Report.It has been slightly more than two years since the first single-borrower SFR transaction was completed, when Invitation Homes brought a $479.1 million deal to the market backed by rental payments on approximately 3,200 single-family homes in five states in October 2013 (IH 2013-SFR1). The single-borrower SFR securitization market recently passed $13 billion in issuance with its 25th transaction.The 23 transactions in KBRA’s rated universe were issued by eight sponsors that own 157,000 properties; approximately 91,000 of those properties have been securitized and have appreciated by an average of 8.7 percent since the transactions’ respective issuance dates, according to KBRA. The most seasoned transactions experienced the most appreciation; the transaction with the highest level of appreciation was the very first one that was issued, IH 2013-SFR1, with 15.7 percent.Meanwhile, the level of appreciation decreased the later the vintage of the transaction. Collateral included in the transactions that were issued in 2014 has appreciated by an average of 9.8 percent, and that rate slows to 6.1 percent for collateral in transactions issued in 2015, according to KBRA.The Net Cash Flow (NCF) reported by servicers is 4.1 percent on average above the issuer’s underwritten cash flow at the time of securitization, KRBA said. For the seven transactions issued by Invitation Homes and one each issued by Starwood Waypoint Residential (SWAY) and Silver Bay, the NCF was higher than the sponsor’s underwritten figure at securitization; for 13 of the remaining 14 rated transactions, NCF was lower than the sponsor’s underwritten figure at securitization, KBRA reported.“The lower NCF can be attributed to multiple factors including vacancy, which generally trended to more normalized levels; higher than expected expenses; and certain assumptions in a sponsor’s property cash flow analysis that were overly optimistic,” KRBA said. “However, in all cases the net cash flows are well in excess of KBRA’s figures at securitization.”The contractual rent rates, or the rent per property, have increased by 3.4 percent on average across all transactions; the rental rates for transactions with vintages of 2013, 2014, and 2015 increased by 6.1, 4.0, and 2.2 percent, respectively. The transactions issued during those three years rose annually by 3.2, 3.4, and 4.8 percent, respectively; KBRA notes that the rental rate has not declined in any of the transactions since their issuance dates.Tenant retention rates remained low with an average of 76.6 percent across all transactions, while the current vacancy rate of 5.5 percent was reported to have increased for most transactions since issuance.“The low retention rate can generally be attributed to the lack of seasoning and decrease in occupancy from 100.0 percent at issuance to more normalized rate of 95.0 percent as of September 2015,” KBRA said. “(The increase in vacancy rate) was to be expected, as the collateral for many of the securitizations was 100.0 percent occupied at issuance.”Click here to view the complete report. Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. 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While you’re picking this year’s fruits from your backyardorchard, it’s time to start thinking about next year’s harvest.”Next year’s fruit crop depends greatly on the plants’health this year,” said Gerard Krewer, an Extension Servicehorticulturist with the University of Georgia Extension Service.Making sure your fruit plants are properly fertilized now helpsthe plants in two ways, Krewer said.Making Flowers and Charging BatteriesFirst, flower buds are forming now that will produce next year’scrop.”The number of flowers you have next spring will be determinedthis year,” Krewer said. The more flowers you start with,the better your chances of having a crop after a spring frost.Second, fruit plants are charging up their batteries now. They’llcrank up next spring on the strength of the energy reserves theybuild up between now and their fall shutdown.”For the first 30 days or so next spring, a fruit plantwill depend on its stored reserves,” he said. “Thoseare the reserves it’s producing this fall and storing in its rootsand stems.”Don’t rush out and start pouring on the fertilizer, though.”Too much fertilizer could do more damage than good,”Krewer said. “The plant could wind up making less fruit insteadof more.”Too much fertilizer now, he said, could cause the plant togrow too much in late summer and increase shading in the plant’sinterior, resulting in fewer flower buds. Excessive growth isalso more susceptible to cold injury this fall and winter.Take a Soil Sample to Determine NeedsThe ideal thing to do, Krewer said, is to take a soil sampleto the county extension office. Get an analysis of your plants’precise fertility needs.”Summer is a great time to pull a soil test,” hesaid. “The readings will be closer to the actual soil conditionsthe plants experience during the growth season. The pH goes downthis time of year. So you get a better picture of your limingneeds.”One benefit of soil testing is that you can often save on fertilizercosts. “Often plants require only nitrogen in the summer,”he said.If you really don’t want to run a soil test, the next bestthing is to use a balanced, premium-grade fertilizer.That would supply the main nutrients plants need — nitrogen,phosphorus and potassium — in balanced amounts. It would alsoprovide the micronutrients needed for good growth.What’s Best for Berries, Isn’t for PearsFor many fruit trees, a seat-of-the-pants rule is to apply1 pound of premium-grade 10-10-10 per inch of trunk diameter.But don’t apply more than 3 pounds per tree in late summer.”For pears, apply a little less than that,” Krewersaid. “Pears are prone to put on too much vegetative growthif you fertilize them too much.”For blueberries, he said, apply 1 ounce of the same fertilizerper foot of bush height. But don’t apply more than 6 ounces perbush.In rich soils or where fruit plants often grow too much, hesaid, cut any of these rates by one-half to two-thirds.Be prepared to fertilize again next spring, just before orduring bloom. “Fruit plants usually need fertilizer everyspring and every summer after harvest,” Krewer said.
While you’re here, we’d like you to consider subscribing to Pistols Firing and becoming a PFB+ member. It’s a big ask from us to you, but it also comes with a load of benefits like ad-free browsing (ads stink!), access to our premium room in The Chamber and monthly giveaways.The other thing it does is help stabilize our business into the future. As it turns out, sending folks on the road to cover games and provide 24/7 Pokes coverage like the excellent article you just read costs money. Because of our subscribers, we’ve been able to improve our work and provide the best OSU news and community anywhere online. Help us keep that up. There are plenty of names on the current OSU roster that are immediately recognizable with the average Cowboy fan. Mason Rudolph. Ashton Lampkin. The list goes on and on. But what about those names that aren’t as well-known, or that need the attention they deserve?Looking at the more unique names on the OSU roster is a great opportunity to not only admire them but to also learn about the players behind the names, which are, in some cases, players who the average fan might not have heard of. Let’s take a look at the five coolest names currently on the OSU roster.No. 5: Sam Walkingstick, No. 63, LSSam Walkingstick is a walk-on from Sallisaw, OK. The former all-district team captain is one of three long snappers for the Cowboys. If you think that Walkingstick isn’t a cool last name, and that he shouldn’t be on this list, you’re wrong. Not only is his last name a badass bug who uses a camouflaged body to blend in with its surroundings, but it is also something that helps people walk who might not be able to otherwise. A camouflage bug and a device made for helping others. How could you argue with this?No. 4: Keondre Wudtee, No. 11, QBThe name Keondre Wudtee just sounds like the name of a future superstar, does it not? Wudtee comes to OSU all the way from Parkway High School in Bossier City, LA. Coming from a military family, Wudtee has had the unique opportunity to live in both Japan and Germany, along with Louisiana.Interestingly enough, Wudtee’s predecessor in high school was Brandon Harris, current starting quarterback for LSU. Don’t be surprised if Keondre Wudtee becomes a national name a couple years after Mason Rudolph’s departure.No. 3: Lemaefe Galea’i, No. 66, OLLemaefe Galea’i, pronounced lem-Ah-eh-feh naw-Lay-eye, is a redshirt sophomore offensive lineman from Euless, TX. Along with having one of the coolest names on the roster, Galea’i is one of the biggest current OSU players at 6-4, 325 lbs.Galea’i’s mother is Tania Galeai and his father is also named Lemaefe. The mammoth OT got some time last season as a freshman on special teams and might squeeze into the lineman rotation in the near future.No. 2: Lenzy Pipkins, No. 4, CBLenzy Pipkins might be one of the coolest names I’ve ever heard. Ever. It sounds even better in a British accent. Yeah, don’t act like you didn’t just say that to yourself in your head. Lenzy Pipkins comes to the Cowboys as a graduate transfer from UL Monroe.The Mansfield, Texas native was a two-year starting cornerback for the Warhawks an coincidentally played in his first career game against the Oklahoma Sooners. Pipkins could see time in the secondary, and follows a long line of graduate transfers who have found success at OSU.No. 1: Amen Ogbongbemiga No. 11 LBAmen Ogbongbemiga. What else is there to say? The son of Ngozi and Ayo Ogbongbemiga, Amen made a name for himself up north playing Canadian football in Calgary, AB.As a senior, Ogbongbemiga was named first team all-district and his team’s MVP. He already has a strong connection to OSU, as his second cousin, Emmanuel Ogbah, made a name for himself at OSU and was a second round pick in the 2016 NFL Draft. I say bravo to whoever will have to stitch this name on his jerseys.Honorable Mentions:Barry J. Sanders, No. 26, RBDeionte Noel, No. 68, OLWinston Westbrooks No. 27 SObi Obialo, No. 88, WRBrian Ciszewski, No. 47, LBVili Leveni No. 95 DTMotekiai Maile No. 90 DTWho is your favorite name on the OSU roster? Be sure to leave your opinions in the comments below!